A panicked race for barrels grips the global oil market

Synopsis A desperate scramble for immediately available oil supplies is occurring globally, with traders paying unprecedented prices for prompt cargoes. This physical market frenzy contrasts with futures, highlighting a significant crude shortfall as Middle East supplies are disrupted. Refiners may cut production, deepening shortages of vital products like diesel and jet fuel. While investors focused on the fragile Iranian ceasefire last week, a desperate scramble for cargoes has been playing out in the oil market, as traders and refiners scour the globe for immediately available supplies. In the North Sea, the world’s most important physical crude market, traders submitted 40…